Coburg Drive-In for sale but the show will go on for Melbourne movie-goers
Prime inner-north infill site offered by public tender through JLL
MELBOURNE – A drive-in that has been entertaining Melburnians for generations is on the market through JLL with price expectations of $11 million-plus.
Coburg Drive-In is offered via public tender by JLL's Tony Iuliano,Adrian Rowse and Brad Esler, in conjunction with transaction manager Charter Keck Cramer, who describe the 8.16ha site as a significant landholding within a land-constrained market.
"The owner of the drive-in — Village Roadshow Theatres Pty Ltd, a subsidiary of the ASX-listed Village Roadshow Limited — will lease it back for an initial 10-year term on a triple-net basis," Mr Iuliano said.
"As well as being iconic, this site represents the last essentially undeveloped parcel of significant scale in Melbourne's inner north."
Located on Newlands Road, Coburg North, the drive-in has been operating since 1965 and has three screens — one each on the south-western, north-western and north-eastern points of the site.
At 33m wide each and overlooking an asphalt viewing area of 36,000sqm, the screens are thought to be the biggest in the southern hemisphere.
A single-level retro-style diner and children's playground are located centrally and the drive-in's ticket booth — topped by an old yellow Holden — is a local landmark.
Mr Iuliano said there had already been overwhelming interest in the site since the marketing campaign was launched on September 13. Most inquiries were coming from prospective buyers nationally.
"Given the high underlying land value component, the sale price could go a lot higher," he said.
Mr Rowse said: "There are plenty of future options for the Industrial 1-zoned site and it's also likely to suit an e-commerce user, subject to council approval.
"The property benefits from excellent access to major road infrastructure, including the Western and Metropolitan ring roads, as well as Melbourne's CBD, Port of Melbourne and Essendon and Melbourne airports."
The public tender period for 155 Newlands Road, Coburg North, closes at 4pm on Wednesday, October 17, 2018.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with nearly 300 corporate offices, operations in over 80 countries and a global workforce of 86,000 as of June 30, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.au.